Today we bring you the official Acurees Top 10 Richest Musicians in Nigeria 2020 list.
We professionally answered the following questions; who is cashing out big? who is the Richest Musician in Nigeria? who is the latest Billionaire Musician in Nigeria? and other related questions concerning the financials of your favourite musicians.
This is because of the undeniable fact that there has been some huge amount of millions of dollars circulating the roof of the Nigerian Music industry, and there must be those who are getting 80% of this pack.
Those musicians getting the 80% of this funds is what actually brought us here.
How we come about this data of the top Richest Musicians in Naija
To get you a very satisfactory financial data about these Richest Nigerian Musicians we have worked closely with Forbes and Fortune 500 and other financial data analytical company to make sure that we dont publish or provide you with a biased and misleading finacial data of the Richest Nigerian musicians.
With that said, in this article we want analyse and go with the available figures of the net worth of these wealthy Nigerian musicians.
This article as a will be constantly edited and updated to meet up with the current financial statust of the Best and richest Nigerian musicians.
So you can be rest assured that you are in the right place.
For security purpose we can not reveal all the documents of our data or deep info of these Naija Richest Musicians. However, like we said above, Forbes and Fortune 500 are part of our professional sources.
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Please join us lets go through the Top 10 Richest Musicians In Nigeria 2020
David is known for flaunting his wealth on social media and both in physical places like high class clubs in Dubai and hotels and other expensive places.
At first most of hist fans joined the band wagon in believing that Davido actually has all these money he is flaunting and he hustle hard for it. but recently there has been confirmed rumors that most of Davido‘s wealth belongs or came from his reclusive billionaire father, a friend of the richest man in Africa Aliko Dangote who didnt like to showcase is fortunes in the public.
More news came to the open of how Davido‘s father is pouring millions of Naira on his son’s music career and Davido confirmed that news in an interview he granted The Breakfast Club with Chalarmagne tha God.
2. Wizkid (Net Worth: $20 Million)
Wizzy has his story dated back to the early 90s in Surulere where he strugled hard to meet up as a studio rat in Mo-Dog studio.
Ayo didnt have a rich background but his family was OK. it wasnt easy for Wizkid until he met Banky W he presented him to the Music world and since then (the days of Hola At Your Boy) wizkid has been smiling to the bank in a big way, there has been countless of endorsement deals with big organisations like Pepsi Cola to UBA who reportedly paid star and his team a whooping 500 Million Niara fo the contract he currently has with them.
3. Burna Boy (Net Worth: $19 Million)
All hell broke loose when Burns Boy was nominated in the just concluded Grammy awards in the “World Music” category.
Although he lost the award to Angelique but still his name still retains the value and prestige that comes with being nominated for a prestigious highly respected awards like the Grammys.
More money flows into Burna Boy’s account when he released his “L.I.F.E album that sold over 50,000 thousand copies.
After that he got a deal with Martel Cognac alongside M.I Abaga.
Martel is a recognised drink brand in Nigeria to enlarge their customers base they engaged Burna Boy and paid him millions of Naira.
Other deals too that Burna Boy has includes Star deal, Pepsi deal and many others which we will talk about in future post.
4. Olamide (Net Worth: $17 Million)
Why it took Baddo this long to secure an international deal for himself and YBNL is still not clear to us.
However last year 2019 Baddo signed an international publishing deal with Empire Music a foreign label that’s has got attack record in the music business internationally.
This deal got Baddo some millions and it’s came just in time to help promote his just released 999 EP.
Baddo has other mouth watering deals in Nigeria that got him more richer than many Yoruba rappers like him
5. Patoranking (Net Worth: $15 Million)
Patoranking has paid his dues in the music industry and has been reaping the rewards of hard work for years now.
He got more international when he secured a huge recording deal with his current label.
Patoranking has some few endorsement deals and a good number of record sales that makes him one of Nigerian Richest Celebrities.
6. Timaya (Net Worth: $12 Million)
Timaya was a good musician whit great hit songs who got paid accordingly to his talent. in the advent of his many hit jams in the country and across Africa he made a lot of many from CD sales and shows but with little endorsement deals.
Timaya has morethan 5 exotic cars ranging from Range Rovers to Bently to Benz. in addition to that he has a very big mansion in Lekki worth over N250,000 Naira where he leaves alone with occasional visit from his baby mama who use to come along with his beautiful daughters.
Periodically Timaya shows off his rich lifestyle by letting the cameras in into the interiors of hi mansion and his costly fashion sense.
7. Mr P (Peter Okoye) (Net Worth $10 Million)
When he was still sining with his twin briother Rudeboy as Psquare Mr. P made a lot of many from their music career. the Psquare shared 50% each of what they net after their elder brother Jud Okoye has gotten his own cut of the profit as their manager.
Psqaure has had a vey successful career in Nigeria and Africa as a whole and that as paid off finanacially over the years.
The Okoye brothers has made alot of money in the music industry and that cab bee seen in their wealthy lifestyle and their mansion in banana island and their numerous exotic cars.
8. Rudeboy (Paul Okoye) (Net Worth $10 Million)
Just like his brother Peter mentioned above Paul also amass a lot of fortune wile sining whit his twin broter Mr. P. they both share 50% of their net profit from their music career.
That made him one of the richest musician in Nigeria that having been cashing out big time.
Even atfter the unforunate split whit his tin brother due to family fued and others. Rudeboy is still making a lot of money from his trending hit songs he has been releasing as a solo artist.
9. Banky W (Net Worth $9 Million)
Up untill now its still not clear to me how an up coming musician can get a huge mible endrosenment deal even before he blows ( became a big artist).
That was the case of Banky W. immediately he drop his own version of Rihana hit single then Umbrella title Ojuelegba banky got a very huge etisalat deal reportedly worth N50,000,000 Naira. this development got everyone in the industry mumbling and speculating.
However the fact was that got the deal and later he got the Samsung deal. more deals more hit song.
Banky W was one of the biggst export in the nigerian music scene even before he add Wizzy as another arm of investment.
Before Machala left EME Banky has alrady cashout big from his music career with the release of his heavily successful album “Superstar”
EME made a lot of money for Banky apart from his solo music career and his other investment in Movie and Sooyah Bistro.
10. Phyno (Net Worth $7 Million)
Phyno who was a producer before his hit with Olamide Ghost Mode went viral is one one of the top musician in Nigerian that made a lot fo money from music.
Phyno has a mansion worth 140 Million naira in Chevron and another mansion in Enugu state. the rapper has fleets of cars ranging from Range Rover, to Lamborghini, to Bently and a Rolls Royce.
Overview of the Richest Musicians in Nigeria
2. Wizkid : $20 Million
3. Burna Boy : $19 Million
4. Olamide : : $17 Million
5. Patoranking : $15 Million
6. Timaya : $12 Million
7. Mr P (Peter Okoye) : $10 Million
8. Rudeboy (Paul Okoye) : $10 Million
9. Banky W : $9 Million
10. Phyno : $7 Million
Background of this Article
In The Begining – 1
In the early 90s nobody could ever believe that Nigerian musicians could be earning anywhere from 100 million Naira a year. the industry was so underrated and many musicians suffered a lot while many retired broke. Some of them we cant even here of again. Some, out of shame, went into oblivion just to hide their face.
Piracy and the pirate guys ie “Alaba” as popularly called by Nigerian musicians are one of the core reasons why artist could not make enough money from their craft. They are responsible for the downfall of many musicians. It got so worst to the extent that musicians are now begging Alaba to pirate their songs just so that it could blow. but at the end of it all they earn penny.
At the end of the year they cant account for nothing. the main survival and heavy income stream for them is just Shows! no show, no heavy cash in the bank.
The Record labels we have then was even a co-hort to this dread menace. because they too just like the musicians run to Alaba for survival.
Its even worst for them if they venture invested in the wrong musicians, because at the end they will go home with nothing. because then only musicians benefit from Show money, the reason was that, some labels were not wise enough to include that clause in the contract.
The wiseness of labels back then was to tie musicians down with a long term contract but a little pay. these keeps frustrating musicians as many of them start to run away from record labels and their cunning deal.
When 2face left Kennis music, the media reported that it was because Kennis didnt give 2face a good deal even though he was making hits and money for them.
Nothign last for ever, as Afrobeat escalate and cross borders, so does musicians, especially the ones who took the bold step and dragged Afrobeat to the main stream. As Afrobeat becomes successful they too become successful and rich in the process. they started buying expensive cars and blinks and jewells, they started rolling with big girls in the movie industry, like how Dbanj got Genevieve on his hit song “Fall in Love” and everybody started talking.
They start attending big shows outside Nigeria and later outside Africa. it was reported that our sound was bad and of no good compared to international standard, but as artist like Dbanj and Asa suffaces that stereotype changed.
In The begining – 2
Oliver Twist by Dbanj was a huge break through for Afrobeat as well as Asa album she did under her french record label.
2face too played a huge role in getting Afrobeat to the mainstream as he started attending international award shows like Bet and Grammys. also he was heavily rewarded for the breakthgrough of the lgendary evergreen song African Queen.
Psquare who are now seperated were also amongst the few Nigerian celebrities that contributed in adding value to Nigerian music and making it an international phenomenon that it is today.
Psquare or Paul and Peter Okoye were paid in full as they become one of the first richest musicians in Nigeria. they attained this height at a time when it was very difficult to earn a few million dollars, but also at that time, Nigerian Music was already poking it head on internation borders.
So Psquare were one of the top or highest paid Nigerian musicians amongst few rich Nigerian Musicians who primarily relies on shows because Alaba always get the big bulks. this of course was a very pathetic story.
This was also one of the reason fans, critics and investors settled with the vague believe that Naija Musicans can never get richer morethan they were back then.
This was one of the reason Nigerians musicians were so underrated that at the end of the year at festive period like December, instead inviting our A-List Musicians to grace the stage at big events and end of the year party, show organisers prefer to pay a huge fee to international American musicians to come over to the country and entertain us.
Not that our musicians cannot not do the same but they look down on these set of musicians as amateurs. Now some of them are very rich and multi-millionairs.
Things has changed for the better. Nigerian musicians have woken up from their slumbers, so now we have numerous Rich Nigerian Musicians! they are all doing well locally and globally.
These Nigerian Rich Musicians gain respect and earn huge amount of dollars both local and international.
There has been different figures in millions of dollars that has been published, all trying to estimate the net worth of these rich Nigerian musicians. but may i put it to you that these figures are only increasing!
Note on this article:
Please be notified that coming up with an article like this about the Finacial status of top and Richest Musician in Nigeria takes months and years of hard wortk and research.
There has been alot of questions asked from close collegaues and employees of these wealthy Nigerian Musicians. all these is just to get you the right data and thats all.
With that said we will like to oblige you to contribute to this on-going research so that we can one day arrive at a 99% accurate financial data of our Rich Nigerian Musicians.
To participate or contribute just send us an email to (acurees @gmail.com) or dm us on instagram of your intetrest on (@acureesng) we will be morethan grateful to receive your patriotric assistance.
You are free to contribute to this work to enable others get updated and unbiased financial details of our Nigerian Richest musicians.
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